My Personal Finance Journey

Category Archives for Saving Money & Frugal Living

Should I sign up for my employer’s Flexible Healthcare Spending Account (FSA)?

I believe the answer to this question should be “yes.” However, it should only be a small enough amount that you know you can spend it each year. Why is this? Because the contributions to your flexible spending accounts (FSA) are made on a “use it or lose it basis,” so they don’t carry over from year to year.

I really enjoy contributing a small amount to my FSA each year, of $150-$200. It is great because the amount is deducted pre-tax from your income, and therefore, decreases your taxable income. Also, my employer provides me with a VISA debit card that I can use to make purchases on eligible items directly from my account, without having to submit reimbursement forms.

What are the various types of FSA eligible expenses? Lots of things! Several of the items I use the account for are listed below. Usually, you can obtain an eligle items list from your employer of things you can buy. It’s surprising how many everyday items qualify!

  •  Prescription medications
  • Contact Lens Solutions
  • Co-pays at doctor visits
  • Contact lenses/eyeglasses
  • Tylenol
  • Certain Over-the-Counter medications

Keep on learning!

Jacob

Remember to save your coins/change and cash them in!

Just recently, I took all of the change that I have saved up during November and December of last year and cashed it in at a Coinstar machine at a local grocery store. I really enjoyed the experience. I cashed it all in for $7.80 and saved on the commission fee by converting that money to Amazon online store credit. Very nice! Visit the Coinstar website below for more information.

http://coinstar.com/us/html/a-home

Favorite Cash-Back Credit Card

If I were to use only two credit cards, it would be a no-brainer about which two I would use – 1) A gas rewards credit card and 2) A general spending credit card

1) BP Visa Gas Rewards Credit Card – This is the credit card I use for all of my gas purchases for several reasons. First, I am a big fan in the BP company since they have the most renewable energy initiatives of any of the major gas companies. Second, it has no annual fee. Finally, you get 5% cash back on all purchases at BP-Amoco gas stations! No other card can beat that! Go to the link below to apply for a card!

https://www.chase.com/ccp/index.jsp?pg_name=ccpmapp/card_servicing/partner/page/home_BP_PL

2) Chase FreedomSM Credit Card – Get a $50 dollar bonus when you sign up! It only takes 5 minutes! The things I love about the Chase Freedom credit card are that it has no annual fee and that you get 3% in the 3 rotating categories at a time that you spend the most in, and 1% cash back on everything else. I love this card and use it as much as I can.


EXPERIENCE UNLIMITED CASH BACK


Features

  • Get $50 cash back after your first purchase.*
  • Always earn a Full 1% cash back on Every Purchase. Everywhere. From the First Dollar you Spend.*
  • Earn even more cash back

    • Up to 10% Cash Back – even up to 20% at select merchants – when you shop online through Chase.*
    • 3% Cash Back in rotating categories like gas, home improvement and department stores.*

  • 0% intro APR on purchases for up to 12 months*
  • No Annual Fee
  • Zero liability on unauthorized purchases

For a complete listing, take a look at Free Money Finance’s list of the best cash-back credit cards.

Favorite High Yield Online Savings Accounts

Currently, the best online savings account I have found (one with highest rating and easiest to use) is DollarSavingsDirect.com. All accounts are FDIC insured, according to law, and the current interest yield is 1.50%. This is the website branch of Emigrant Bank, which has been around since 1850. Quite a good deal! I have all of my emergency savings money in this account.

Go to www.dollarsavingsdirect.com to open up an account for free. The minimum account balance is $1,000

    Account Highlights
    • Open your account online. It’s quick and easy.
    • No Fees. $1,000 account balance minimum.
    • No need to change your checking account. Your Dollar Savings Account™will be linked to your current checking account.
    • Access your account 24/7 at DollarSavingsDirect.com.
    • Have a question? Visit our FAQ page.

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